Buying an existing business can be an excellent alternative to starting a new one from scratch. There are advantages to this approach. Clearly, you'll first need to have the capital (or access to the capital) required to buy a business. By using your capital, buying a business will let you focus on building or adding value to the business more quickly because the startup steps have already been taken care of.
Starting a Business
Buying a Business
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Opening Shop
Before opening the doors, some planning in certain areas will help you run a smooth operation. There'll be many unforeseen events that will make you change your systems and processes as you go along but considering the basics beforehand will help save you from even more work later on. Here we'll address a few of the areas to consider.
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Choosing a Business's Legal Structure
When starting a new venture, one of the first things you'll have to consider is the legal structure of your business. There are many forms of business organization, such as partnerships, corporations, and nonbusiness organizations like charities and clubs. Here, we'll summarize on only the three you, as an entrepreneur, will most likely want to consider – sole proprietorships, partnerships and corporations.
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Sources of Financing
Most ventures start off on a low budget - with little or no external financing. Nevertheless, starting a business might require financial resources beyond your means, or beyond what you're willing to risk personally. Needless to say, whoever participates in the financing of your venture will expect to get something in return.
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Startup Financing – Bootstrapping
The vast majority of companies get started on a tight budget. There have certainly been many startups funded by big-money that have rocketed to success, and these are the startups that get the media attention. Statistically speaking, you're much more likely to start a business without venture capital and grow your business using debt and retained earnings.
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Acquiring Startup Resources
Two of the most important questions can ask when you start a new venture are:
- What resources do I need?
- How will I acquire them?
Resources include cash, equipment personnel and anything else required for your business.
If you've written up a business plan you should already have a good idea about what resources are needed for your enterprise.
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Startup Strategies
Planning is important when starting a new venture. For example, writing a business plan will help you organize your thoughts and present your ideas to potential partners or investors. However, there is a balance between planning and "doing" - lots of planning might not help you.
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The Business Plan
Why write a business plan? You could start your business without a formal business plan, and many entrepreneurs are successful without one. A business plan however, is recommended for various reasons, it can:
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Mentors
Why muddle though it alone? Having someone experienced and knowledgeable to call upon when needed is a definite advantage. Ideally, you'd have several mentors, each with different expertise to guide you with different areas of your business. You could have one for marketing, another for administration and yet another finance. The more brains you have access to the better.
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Business Ideas
What business should you start? This is one of the most common and important questions you could ask. It's a very personal question so there's no easy answer. The simple answer - it depends.
To help you find the answer to this question some guidelines can be helpful. The following guideline applies not only to what business you should start, but also to careers in general. Success and happiness with your work involves figuring out three things:
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